The sell-out concert by Bruce Springsteen at Supervalu Páirc Uí Chaoimh last year helped the stadium firm’s revenues surge by 55% to €5.5m.
Revenues generated by 40,000 fans who paid to see Bruce Springsteen perform at the Cork stadium along with the sell out classic senior Munster hurling championship game against Limerick which both took place in May 2024 contributed to Páirc Uí Chaoimh CTR (PUC) reducing its pre-tax losses by 29% to €1.9m in 2024.
The accounts for Páirc Uí Chaoimh CTR (PUC) show that revenues increased €1.93m from €3.62m to €5.55m in the 12 months to the end of September last.
The stadium firm recorded earnings before interest tax depreciation and amortisation (EBITDA) of €582,491 compared to an EBITDA loss of €331,561 in 2023 – a positive swing of €914,052.
The principal activity of Páirc Uí Chaoimh CTR consists of the administration, management, promotion and facilitation of club and inter-county games and on-going maintenance of Supervalu Páirc Uí Chaoimh Stadium.
Supervalu Páirc Uí Chaoimh was completed at a cost of €96m in 2017 and the company last year bore two of its biggest costs associated with the redeveloped stadium – non-cash depreciation costs of €1.52m and loan interest costs of €957,874.
The directors state that the stadium redevelopment has been financed to date by the Cork County Board (CCB)’s own finances, a grant of €20m from Cumann Lúthchleas Gael, Department of Transport, Tourism & Sport grants and Munster Council grants of €34.64m, bank loans and sales under long term tickets and other fundraising schemes.
They state that these grants were all paid to the CCB.
They state that “during the prior years, a significant portion of the costs relating to the stadium companies and the re-development costs were met directly by Páirc an Chrócaigh CTR, a Croke Park company”.
The directors state that the Executive Committee of CCB has agreed that the stadium asset and stadium costs including the related capital grants, remaining capital accruals and bank loans will be transferred to Páirc Uí Chaoimh CTR (PUC), pending other internal GAA approval procedures.
The stadium was rebranded to Supervalu Páirc Uí Chaoimh last year followed the CCB reaching a 10 year naming rights sponsorship agreement with the retailer.
The commercial arrangement with SuperValu is believed to be worth approximately €250,000 per annum to Cork GAA.
The deal struck represented a compromise following a public outcry over initial plans to rename the ground SuperValu Páirc.
At the end of September, Páirc Uí Chaoimh CTR had accumulated losses of €13.23m and the directors state that the company was supported by cash flows from CCB during 2024 and funding continues to be in place through Páirc an Chrócaigh CTR.
The directors state that during 2023 there was an agreement made with Cumann Lúthchleas Gael (CLG) to assist in repaying a bank loan.
The bank debt at the end of September stood at €19.18m and is recorded in the accounts of CCB.
The directors state that following this agreement with CLG, CCB has restructured its loan with CLG and committed to annual repayments of €636,000 to CLG.
They state that “as a result of this restructuring, CCB has the financial capacity to service the above loans based on financial projections prepared by management for a period to 31 December 2025. CCB will support PUC when surplus funds are available in CCB”.
Reporting by Gordon Deegan
